The Lender Group’s Liability for Collateral. Each Company hereby agrees that: (a) so long as the Lender Group complies with its obligations, if any, under the Code, Agent shall not in any way or manner be liable or responsible for: (i) the safekeeping of the Collateral, (ii) any loss or damage thereto occurring or arising in any manner or fashion from any cause, (iii) any diminution in the value thereof, or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all risk of loss, damage, or destruction of the Collateral shall be borne by Companies.
Appears in 4 contracts
Sources: Loan and Security Agreement (Telos Corp), Loan and Security Agreement (Alpine Group Inc /De/), Loan and Security Agreement (Telos Corp)